Geological prospecting on Arctic shelf of Eastern Siberia and Far East to confirm oil reserves of 14 bln ton

Rosneft CEO Igor Sechin explained that geological prospecting operations are currently underway on the Magadan shelf

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YUZHNO-SAKHALINSK, July 16 (Itar-Tass) - CEO of Russia’s oil company Rosneft Igor Sechin hopes that geological prospecting work on the Arctic shelf of Eastern Siberia and the Far East will confirm oil reserves of up to 14 billion tonnes.

“Rosneft has a total 20 license areas on the Arctic shelf of Eastern Siberia and the Far East in which large-scale exploration operations are currently being conducted,” Sechin said at a video conference chaired by President Vladimir Putin on the Orlan platform in the Sea of ··Okhotsk.

He explained that geological prospecting operations are currently underway on the Magadan shelf within the framework of the Magadan-1, Magadan-2, Magadan-3 projects.

“Geological prospecting is underway on the Sakhalin shelf, in the Astrahanovskoye Sea - Nekrasovsky licence block. We hope that all these operations will confirm the forecast for the geological survey reserves of up to 14 billion tonnes of oil equivalent,” the head of Rosneft said.